Tenaris technical analysis
Tenaris: up 2.9% but contracting volume keeps the rally in check
Tenaris technical analysis
Our view last week
Tenaris shares bounce 2.7% off the daily 20-day average, but the rally doesn't convince: volume fades just as price rises, and money flow stays on the sell side. It's the mark of a Sell signal with no fresh push, which in our weekly technical analysis slips further, to 52nd out of 53 European sell signals. The three observation weeks closed sideways, without confirmation from the market.
This week's summary
Tenaris posts its third straight weekly gain, up 2.9%, with buyers making up 79% of turnover and money flow improving. Our technical analysis on Tenaris stock still flags caution: overall volume is contracting and distribution continues, while the weekly ADX slips, confirming a decline losing steam. Price also bounced off the daily 20-day moving average, in the 25 area, recovering 3%. The sell signal, open for four weeks, still hasn't found full confirmation from the market.
IQS Phase
55
ordinary
Signal Strength
2
decline fading out
Sizing
MINIMUM
Ranking
#56 / 56
EU-UK stocks
Trade P&L %
-3.45%
from signal to today
Rank position
ranks 56th among the 56 sell signals for European-UK stocks in our ranking, with a signal strength of 2 out of 100.
Sector context
SectorItalian
Benchmark ETFEXV6
Sector regimein positive regime
Performanceweekly +3.13% · monthly -0.21%
TEN belongs to the italian sector (reference ETF EXV6). The sector is classified in positive regime according to our weekly reading.
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